The Ghana cedi depreciated by 1.9 percent in March 2023 and appreciated by 0.6 percent, in April according to Bank of Ghana.
The local currency recorded some gains amid positive sentiments on developments in the economy.
The marginal recovery was supported by the successful conclusion of the DDEP, progress made with Ghana’s external debt restructuring towards attainment of the IMF programme, weakening US dollar and muted demand pressures.
Speaking at a press conference on Monday, May 22, the Chairman of the MPC and Governor of the Bank of Ghana, Dr. Ernest Addison said Gross International Reserves at the end of March 2023 stood at US$5.1 billion, equivalent to 2.4 months of import cover, compared with the End-December 2022 stock position of US$6.2 billion, equivalent to 2.7 months of import cover.
Gross International Reserves, excluding oil funds, encumbered and pledged assets, stood at US$1.4 billion.
Net International Reserves as of March 2023 stood at US$2.1 billion.
“With the approval of the IMF-supported programme and receipt of the first tranche of the disbursement, Gross International Reserves have increased to US$5.7 billion as at Friday, 19th May, 2023, equivalent to 2.6 months of imports cover.”
